A bill to amend the Internal Revenue Code of 1954 to limit the amount of depreciation, investment tax credit, and deductions allowable for luxury automobiles.

Amends the Internal Revenue Code to limit the basis of passenger automobiles to $15,000 for purposes of determining the amount of depreciation and investment tax credit allowable. Allows for an automobile price inflation adjustment (if required) for the calendar year in which the automobile is placed in service. Limits the amount that can be deducted as an ordinary and necessary business expense for leasing automobiles for periods longer than one month.